Sukanya Samriddhi Yojana Benefits Updates 2022

Informations about the Sukanya Samriddhi Yojana

  • Interest Rates , 7.60%
  • Investment Amount : the minimum Rupee. 250 and max Rs 1.50 lakh per annum
  • Maturity Amount : Depends on the amount invested
  • Maturity Period : 21 Years

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Sukanya Samriddhi Yojana (SSY) The scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign, the main objective of which was to secure the future of a girl child. The main benefits of SSY scheme are mentioned below:

  • Interest rate reduced from 8.4% to 7.6%
  • Tax benefits up to Rs 1.5 lakh
  • Account can be transferred

Sukanya Samriddhi Yojana The investment made for Rs. SSY account can be opened in banks and post offices. Under Section 80C of the Income Tax Act, 1961, a tax benefit of up to Rs 1.5 lakh is provided for contributions made towards the scheme.

Sukanya Samriddhi Yojana Eligibility

Sukanya Samriddhi Yojana account eligibility is mentioned below:

A parent or legal guardian can open an SSY account on behalf of the girl child up to the age of 10 years.
The girl child should be resident Indian.
Maximum two accounts can be opened for two girls in a family.
Third SSY account can be opened in case of twin girls

Sukanya Samriddhi Yojana (SSY) Interest Rate

currently, Sukanya Samriddhi Yojana The interest rate of the scheme has been reduced from 8.4% to 7.6% and is compounded on an annual basis. No interest is payable after the completion of the term of the scheme or if the girl child becomes a Non-Resident Indian (NRI) or a non-citizen. The interest rate is decided by the government and is determined on a quarterly basis.

What if less or more amount is paid for Sukanya Samriddhi Yojana?

less amount: If the minimum payment of Rs 500 is not made in any financial year, the account will be considered as default. However, the account can be brought back to active status by paying a fine of Rs 50.
Excess amount: No interest is generated for any deposit exceeding Rs 1.5 lakh. The depositor can withdraw the excess amount at any time.

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Rules of Sukanya Samriddhi Yojana Withdrawal

The rules for withdrawal from Sukanya Samriddhi Yojana account are given below:

Once the tenure of the account is over, the entire amount including interest available in the account can be withdrawn by the girl child. However, the following documents must be submitted:
Application form for withdrawal of amount.
1.ID Proof
2. Proof of Address
3. Citizenship Document

Withdrawal for the purposes of higher education is allowed if the girl child has attained the age of 18 years and has completed 10th standard. However, the funds should be used for the fee or any other charges levied at the time of admission.
Documents like admission to university or college as well as fee receipt have to be submitted while applying for withdrawal. The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. The amount can be withdrawn in 5 installments or in lump sum.

Rules for premature withdrawal from Sukanya Samriddhi Yojana account

Below are the rules that allow for premature closure of the account:

Once the girl turns 18 and gets married, then premature withdrawal of Sukanya Samriddhi Yojana is allowed. However, the application has to be submitted at least one month before the marriage and 3 months after the marriage to get the benefits. Documents that determine the age of the girl should also be provided.

If the account has been opened for 5 years or more, and the bank or post office feels that the continuation of the account is causing hardship to the girl child, the guardian or the girl child may opt for premature closure.
Account closure will be allowed for other reasons as well, but the interest earned from the contribution will be the same as the interest rates offered by the post offices.

Features of Sukanya Samriddhi Yojana

Properties information
how to operate account * Guardian or parents can operate the account till the girl child reaches the age of 10 years.
* The girl has to operate the account after attaining the age of 18 years.
amount credited to account The minimum and maximum deposits in an account in a financial year are Rs 500 and Rs 1.5 lakh respectively. Deposits can be made in multiples of 100.
plan period Deposits for the scheme should be made for a period of 15 years. However, this scheme matures after 21 years.
Transfer of account An SSY account can be transferred anywhere in India from post offices to banks and vice versa. No charges will be levied for account transfer. However, a proof must be submitted for change of residence. If no proof is produced, a fee of Rs 100 will be levied.
deposit method Deposits in the account can be made in the form of online transfer, demand draft, check or cash.

Sukanya Samriddhi Yojana Tax benefits

Sukanya Samriddhi Yojana tax benefits are given below:

Under Section 80C of the Income Tax Act, 1961, a tax benefit of up to Rs 1.5 lakh is provided for contributions made towards the scheme.
The interest amount generated is also exempt from tax.
Tax benefits are also provided for maturity amount or withdrawal amount.

Sukanya Samriddhi Yojana Documents Required

The documents required to open Sukanya Samriddhi Yojana account are given below:

Sukanya Samriddhi Yojana Account opening form.
The birth certificate of the girl child has to be submitted at the time of opening the account.
The ID proof and address proof of the depositor have to be submitted while opening the account.
In case of multiple births under one order of birth, a medical certificate has to be submitted.
Any other document that is requested by the bank or post office.

Banks that offer Sukanya Samriddhi Yojana Account

Given below are the banks providing SSY scheme:

  • State Bank of India
  • United Bank of India
  • UCO Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Andhra Bank

What are the details recorded in the passbook?

Once the SSY account is opened, the depositor will receive a passbook. The date of opening of the account, date of birth of the girl child, account number, name of the account holder, address and amount deposited will be mentioned on the passbook.

Once the money is credited in the account, the passbook has to be deposited in the bank or post office at the time of receiving the interest payment and closing the account.

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How many years have to be paid for Sukanya Samriddhi Yojana?

The repayment tenure for SSY accounts is 15 years, while the minimum maturity period of the account is 21 years.

What is Sukanya Samriddhi Yojana Eligibility?

Eligibility for Sukanya Samriddhi Account includes: Only girl child is eligible to have Sukanya Samriddhi Account. The maximum age of the girl child should not exceed 10 years. It is necessary to attach proof of age of the girl child

What is the minimum age for Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana Account can be opened in the name of the girl child, by her parents or legal guardians, at any time before the girl child attains the age of 10 years.

Can I open Sukanya Samriddhi Yojana account online?

You can open Sukanya Samriddhi Yojana account in any authorized bank branch or post office branch. You can also set it up online with the help of your net banking facility.

What is the best time to deposit in Sukanya Samriddhi Yojana?

If you want your invested money to earn interest from the same month, you have to deposit it in Sukanya Samriddhi Account within 10th of every month.

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